Each state sets its own minimum wage, which may be higher than the federal minimum wage. On Jan. 1, the minimum wage increased in 20 states.
Federal, state, and local governments can determine the minimum amount you can pay employees. Learn the answer to what is minimum wage here.
Amidst all this, there have been numerousprotests and picketsin Chicago and around the country calling for aminimum wage increaseto $15 at every level – including federal. But the federal minimum wage remains $7.25 an hour – as it has been since 2009. ...
How much would labor costs increase for the average employer if the Federal minimum wage were increased from $7.25 to $15.00 per hour? What effect will each of the following have on wage inequality in the economy of a certain country? a. An increase in the real ...
Employment Law Brief: The New Federal Minimum Wage - What Employers Need to KnowNeil E. Duke
Some states pay a higher minimum wage than the federal minimum. For example, Florida's minimum wage is $11 an hour effective September 30, 2022, and will increase by $1 per hour each year until it reaches $15 in September 2026.3
What Are the Differences Between Exempt and Non-Exempt Workers? Salary exemption is determined by the FLSA. Exempt employees are not covered by the FLSA rules and regulations while non-exempt employees are. Non-exempt employees must be paid at least the federal minimum wage for their hours worke...
The Inflation Reduction Act of 2022 is the third piece of legislation passed since late 2021 that seeks to improve US economic competitiveness, innovation, and industrial productivity.Significant federal funding for climate efforts. The IRA directs nearly $400 billion in fede...
Each pay period, you must deduct 6.2% for Social Security tax (until the wage base is met) and 1.45% for Medicare tax. You’re also required to match these deductions, which brings the total FICA tax per employee to 15.3%. Federal Unemployment Tax Act (FUTA) Most employers contribute to...
Finally, the new Administration has the ability to issue new executive orders, of course. Although the Trump Administration did not revoke the Federal contractor minimum wage the last time around, it may do so this time around—and set its sights on other regulatory obligations enforced by the...